Prime Minister Narendra Modi lauded the MoU, saying it would lead to job creation

The Gujarat government has inked a Memorandum of Understanding (MoU) worth 1.54 lakh crore with Vedanta and Foxconn Group for the establishment of semiconductor and display fab production facilities in the state.

At a gathering held in Gandhinagar on Tuesday, the MoU was signed in the presence of Minister for Railways, Communications, Electronics & Information Technology Ashwini Vaishnaw and Gujarat Chief Minister Bhupendra Patel.

Vedanta Group Chairman Anil Agarwal and Vedanta’s Global Managing Director Akarsh Hebbar also attended this event.

Applauding the development, Prime Minister Narendra Modi expressed his confidence that the investment will have a substantial influence on the economy and job creation, in addition to fostering the development of a vast ecosystem for ancillary industries and assisting MSMEs.

Quoting Gujarat CM Patel’s tweet announcing the MoU, Prime Minister Modi wrote, "This MoU is an important step accelerating India’s semi-conductor manufacturing ambitions. The investment of Rs 1.54 lakh crore will create a significant impact to boost economy and jobs. This will also create a huge ecosystem for ancillary industries and help our MSMEs."

According to the Gujarat Chief Minister, both businesses will invest Rs. 1,54,000 crore to build the facility in Gujarat, which would lead to the creation of a million new jobs. Patel said that his administration will also work to build the facility and ensure its success.